Vail Resorts

Vail Resorts Eyes Park City Lift Projects in 2026 and 2027

Peter Landsman30 Comments
Rendering of the proposed Canyons Village gondola set for construction next year at Park City Mountain.

Vail Resorts today released its fiscal 2025 fourth quarter and full year earnings report, including updates on pass sales, cost cutting and capital improvements. Net income for the year ended July 31st rose 21 percent to $280 million compared with $231.1 million a year earlier. Resort Reported EBITDA landed at $844.1 million compared to $825.1 million for fiscal 2024, an increase of 2 percent. On the less bright side, pass product sales for next season declined 3 percent in units and rose just 1 percent in dollars through September 19th despite a 7 percent price increase. The Company provided an outlook for fiscal 2026, expecting net income attributable to Vail Resorts, Inc. to decline to between $201 million and $276 million and Resort Reported EBITDA to fall between $842 million and $898 million. In a subsequent release, Vail announced the departure of two longtime board members. Vail Resorts’ share price has fallen roughly 15 percent year to date and declined 2 percent after hours upon the earnings release.

“The results from this past season were below expectations and our season-to-date pass sales growth has been limited,” noted Rob Katz, Vail’s newly-returned CEO. “We recognize that we are not yet delivering on the full growth potential that we expect from this business, in particular on revenue growth, in both this past season and in our projected guidance for fiscal year 2026. However, we are confident that we are well positioned to return to higher growth in fiscal year 2027 and beyond.” Vail acknowledged an outsized focus on email for attracting guests and a drive toward season pass sales at the expense of lift ticket revenue. “Our approach to engaging with guests has not kept pace with shifting consumer behaviors and as a result, we have not been able to fully capitalize on our competitive advantages or adapted our execution appropriately to respond to shifting dynamics,” Katz said. “While email was for many years our most effective channel, its impact has declined significantly in recent years, and we’ve been slow to shift to new and emerging marketing channels. We also believe we need to shift more focus to marketing our lift ticket business, which has not received the same level of focus, creativity, and resources as pass penetration increased.” Commenting on recent pass sales, Katz noted the company is seeing lower renewal rates from less-tenured passholders and fewer new passholders. Renewal rates are better for people who’ve held a pass for many years. ” We continue to see long-term opportunity to further expand the reach of our pass program,” Katz said.

Vail is largely on track with its resource efficiency transformation plan announced a year ago. At the time, the company planned to achieve $100 million in annual cost savings by fiscal 2026 through scaled operations, global shared services and expanded workforce management. It achieved $37 million in savings for fiscal 2025 and plans $75 million in savings in fiscal 2026. Vail plans to exceed $100 million in efficiencies in fiscal year 2027.

The under construction Canyons Village parking structure, set to be served by a new gondola in late 2026.

Vail traditionally announces new lift projects and key capital priorities for the following year in September. This go around Vail affirmed its commitment to build a new Canyons Village gondola in 2026, replacing the aging Cabriolet. Subject to approval, the 10 passenger gondola will include a mid-station to service the middle village and will also serve the new Canyons Village parking structure, set to open this winter. “This new gondola will provide an upgraded arrival experience to the resort and complement the Canyons Village Parking Garage, a new covered parking structure with over 1,800 spaces,” said Vail. Vail Resorts and the Canyons Village Management Association will split the cost of the village gondola, similar to the nearly complete Sunrise Gondola by Leitner-Poma.

Notably Park City plans to resubmit plans to replace Eagle and Silverlode, projects sidelined in 2022 over a process dispute. If approved, the six-seater Eagle and eight-seater Silverlode would be constructed in 2027. Vail sent the original Doppelmayr equipment for these lifts to Whistler Blackcomb in 2023 and 2024 so the project will need to be contracted anew.

Equipment for Park City’s Eagle and Silverlode replacements seen in 2022, before the project was blocked by local residents.

The only other capital projects Vail announced across its 42 resorts was a hotel renovation at Vail and additional functionality in the My Epic App. There certainly are other needs, however, and additional projects could be announced with Vail’s next earnings in December.

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Park City Looks to Replace Canyons Village Cabriolet

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Park City and the Canyons Village Management Association today announced plans (pending approval) to retire the aging Cabriolet, which carries guests from a lower parking lot and transit center to Canyons Village. The new lift would be a gondola, though specifics on cabin size and design will be detailed later this month. The one year build is expected to follow closely behind the Sunrise Gondola, slated to open this coming winter between Canyons Village and Red Pine Lodge.

Open air cabriolets became popular in the 1990s as a way to efficiently move guests over relatively short distances. These lifts were usually chosen to quickly move crowds between parking lots and villages. On the plus side, they’re efficient people movers and rarely stop. On the less great side, they require guests to remain standing while exposed to the elements and don’t easily accommodate bikes.

Intrawest installed four cabriolets between 1994 and 2008 (at Tremblant, Mountain Creek, Panorama and Winter Park) while American Skiing Company’s lone cabriolet debuted at The Canyons in 2000. At opening, The Canyons Cabriolet carried 3,000 passengers an hour in 40 eight place carriers. Talisker Corporation inhereted the lift when it acquired The Canyons in 2007 and Vail Resorts took over operations in 2013 while combining Park City and The Canyons into one mountain. The Cabriolet kept spinning through all this change, reliably transporting thousands of skiers each day from 7:00 am to 7:00 pm.

The new gondola would be designed to “enhance mountain accessibility for lodging guests, base and mid village area residents, and day skiers and snowboarders,” Vail Resorts said in an email to media. This opens up the possibility of an intermediate station. The new lift would also likely feature larger cabins to service the new Canyons Village Parking Structure. Park City broke ground on the expansive new garage and pedestrian plaza this spring. The first phase will open in 2025-26 with 653 parking spaces. The full five story, 1,850 stall facility is expected to debut in winter 2026-27 alongside the new gondola, again pending approval.

Residents can learn more about the project at an Open House on July 14th.

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Report Sheds Light on December Chair Collision at Heavenly

Peter Landsman37 Comments
Photo credt: TGIFaanes via Reddit

We now know more about what happened on the Comet Express at Heavenly in December when two chairs collided, injuring six people. The Forest Service recently completed an Incident Review Report which I obtained via a public records request.

Comet Express is the oldest detachable chairlift at Heavenly and was constructed by Doppelmayr in 1988. At roughly 9:45 am on December 23rd, a DS103 grip failed to close completely but did not trigger any safety switches when leaving the bottom terminal. The chair, number 66, reached tower 2 before sliding backward into the chair behind it, number 67. Three of the four adults on the slipping chair were ejected and fell approximately 24 feet to the snow below. The fourth passenger jumped from the chair. On the chair that was hit, one teenaged male rider fell and another teen remained pinned between the chairs. The lift was eventually run in reverse to unload him. It is unknown if passengers on chair 66 had lowered the restraint bar but the bar was down on chair 67. Remaining passengers on the lift were unloaded safely without the need for a rope evacuation. A total of six people were injured, five of whom were transported to area hospitals. At least one person was airlifted by helicopter to Reno.

Heavenly Mountain Resort promptly contacted the Forest Service as required following a serious lift incident in a National Forest. Representatives from the USFS, Doppelmayr and Vail Resorts collaborated to review the incident over the following days. “[Heavenly Mountain Resort] was able to take corrective steps and develop a DS-103 Grip Quality Assurance plan to correct the causes leading to the grip failure and provide additional standard operating procedures to reduce future incidents on other HMR ropeways with similar euqipment,” the Forest Service wrote. The resort and Forest Service also “discussed the importance of compliance with Service Bulletins issued by Manufacturers and written documents verifying compliance.” Comet Express was cleared to reopen on December 29th and returned to service the following day.

The Forest Service noted “the purpose of an incident review is not to determine fault or liability” and said it does not conduct investigations. Ski areas generally conduct internal investigations of incidents but it is not standard to submit those to the Forest Service. Vail Resorts has not released details of the curcumstances publicly other than confirming an incident occurred. Though Heavenly operates lifts in both California and Nevada, this incident occurred in Nevada where there is no tramway board to conduct a state investigation.

“We recognize the significance of the incident on Comet Express and offer our sympathy and support to everyone involved,” said Shaydar Edelmann, Heavenly Vice President and General Manager in a statement. “While chairlift incidents like this are extremely rare, we are constantly working to ensure the safety of our employees and our guests on all chairlifts at the resort,” he continued. “In this instance, we identified the cause and worked with the U.S. Forest Service and lift manufacturer to resolve the issue and safely reopen Comet chair. I am grateful to those partners who assisted us throughout the incident, and to our team members who responded quickly and professionally. Safety is our top priority, and we are committed to providing an excellent guest experience at Heavenly.”